Russian President Vladimir Putin says it is "impossible" to isolate Russia from the global economy despite pressure from the West over the crisis in Ukraine.

Speaking on May 24 on the sidelines of the St. Petersburg International Economic Forum, Putin said sanctions imposed by Western nations on Russia over its actions in Ukraine were "totally counterproductive."

He told a group of international journalists that the sanctions do not correspond to international law and led to global instability.

He said Russia took account of other countries' interests, and must also be treated equally.

He rejected talk of a new "Cold War" between Moscow and the West which he said would not be in anyone's interests.

Putin also rejected accusations Moscow was seeking to rebuild the Soviet Union. He said such claims were part of an "information war" against Russia.